Aldermore provides loans of £20.9m for two-phase student accommodation development in Leeds city centre
Aldermore has provided loans totalling £20.9m to Study Inn Group for a 400 room, two phase student accommodation development, in the heart of Leeds city centre.
The first phase, Brotherton House on Grace Street was converted and regenerated to create 163 rooms and opened for the student intake in September 2022 with all rooms fully let. The second phase will see a new 16 storey development built adjacent to Brotherton House, to provide an additional 238 rooms for the September 2024 student intake.
Study Inn Group was founded in 2009 and specialises in providing serviced luxury boutique student accommodation across the UK. As part of their second portfolio, Study Inn has completed seven developments in Bristol, Loughborough, Nottingham (two sites), Exeter, Leicester and Leeds. The developments provide high quality accommodation with excellent communal facilities such as wellness spas, gyms, cinema rooms and entertainment areas. Brotherton House even has its own bowling alley.
David Whitehouse, Property Development Manager at Aldermore, said: “Study Inn Group is a highly experienced developer and operator, and together with our expertise in this area, we were able to structure the flexible funding arrangement required for this exciting two-phase development.
“We have developed a strong working relationship with the Study Inn team and look forward to supporting the group, as they continue their expansion across the UK.”
Iain Bryson, Head of Development and Specialist Property at Aldermore added: “We’re delighted to be working with Study Inn to support this exciting 400 room development. We have been impressed with the quality of accommodation and the strength of their management team, who place service, wellbeing and student life experience at the heart of their offering. We very much look forward to continuing to work with the Study Inn team on delivery of the second phase of this project and supporting their expansion in the years ahead.”
Marcus Hook, Group Finance Director of Study Inn, said: “This is the first time Study Inn has partnered with Aldermore. David and the team clearly understand the sector and have been excellent in speed of response and ultimate delivery of the facilities allowing us to complete Phase I in time for September 2022 opening, whilst simultaneously starting on the Phase II new build construction. They have been a great funding partner to work with and we look forward to an ongoing relationship.”